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Justin Sun sues World Liberty Financial for freezing his 2.94B WLFI tokens

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Justin Sun sues World Liberty Financial for freezing his 2.94B WLFI tokens
  • Justin Sun says WLFI froze 2.94 billion tokens and removed voting rights.
  • Lawsuit filed after failed attempts to resolve the dispute privately.
  • WLFI has introduced a Governance proposal that may lock tokens for non-consenting holders.

Justin Sun has filed a lawsuit in a California federal court against World Liberty Financial (WLFI), alleging that the project froze his holdings of 2.94 billion WLFI tokens and stripped him of key investor rights without justification.

The move escalates a growing dispute between one of crypto’s most recognisable entrepreneurs and a project that has positioned itself around decentralised governance and early-stage token distribution.

In his public statement, Sun confirmed that he is seeking legal protection of his rights as a WLFI token holder.

Sun also emphasised that the lawsuit does not change his political stance or his support for the Trump administration’s pro-crypto direction. According to him, the dispute is strictly about investor treatment and token governance, not politics.

Frozen tokens and removed voting rights

At the centre of the case is Sun’s claim that WLFI froze all 2.94 billion of his tokens (540 million of unlocked tokens and 2.4 billion locked tokens). He argues that this action made it impossible for him to transfer, sell, or otherwise use his holdings.

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The value of the holdings has dropped from over $107 million at the September 2025, when they were frozen, to around $43–$60 million by April 2026.

Sun also alleges that WLFI removed his governance voting rights tied to those tokens. This means he was unable to participate in key decisions affecting the protocol, including recent governance changes introduced by the project team.

Sun further claims that WLFI went beyond freezing his position and threatened to permanently destroy part of his holdings through token “burning.”

According to his statement, these actions were taken without clear justification and without providing him a fair opportunity to respond.

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He also says he attempted to resolve the issue privately with WLFI before taking legal action. However, he claims the project team refused to restore access to his tokens or reinstate his governance rights, leaving him with no option but to proceed to court.

Sun has described his position as straightforward: he wants to be treated the same as other early investors who received WLFI tokens, without special privileges and without restrictions that are not applied equally.

Justin Sun also disagrees with WLFI’s Governance proposal

The legal conflict comes alongside disagreement over a WLFI governance proposal released on April 15.

Sun has openly opposed the proposal, arguing that it introduces conditions that could lock users’ tokens indefinitely if they do not actively accept new terms.

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The proposal reportedly includes a requirement for 10% of advisor tokens to be permanently burned. It also introduces a structure for early purchaser tokens involving a two-year cliff followed by a two-year vesting schedule.

Under the same framework, users who do not explicitly accept the new terms could have their tokens locked indefinitely.

Sun has raised concerns that this creates an uneven system where investor rights depend on active consent after the fact. He also pointed out a structural conflict in his own situation.

Because his tokens are currently frozen, he says he cannot vote either in favour of or against the proposal, despite being directly affected by it.

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This has added another layer to the dispute, as governance participation is typically considered a core function in token-based systems.

World Liberty Financial (WLFI) position

WLFI has pushed back against Sun’s claims, arguing that token restrictions were applied due to internal concerns related to security and compliance.

The project maintains that its governance mechanisms include administrative controls that can be used to protect the platform and its participants.

The disagreement highlights a broader tension in crypto governance systems, particularly in projects that market themselves as decentralised while still retaining centralised control features such as token freezing or administrative overrides.

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Sun’s lawsuit places the focus on whether such controls were properly disclosed and whether they can be applied to large early investors without clear procedural safeguards.

With 2.94 billion tokens at the centre of the dispute, the outcome could influence how governance authority and investor rights are interpreted in similar token-based ecosystems going forward.

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Top 4 Energy Stocks to Watch in 2026: Exxon (XOM), ConocoPhillips (COP), Chevron (CVX), and Cheniere (LNG)

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XOM Stock Card

Key Highlights

  • Exxon Mobil generated $52 billion in operating cash flow and $28.8 billion in earnings for 2025, driven by expansion in Guyana and the Permian Basin
  • ConocoPhillips is allocating $12 billion for capital expenditures in 2026 and pursuing $1 billion in cost savings through Marathon Oil merger synergies
  • Cheniere Energy is projecting record-breaking LNG shipments in 2026 and has authorized a buyback program exceeding $10 billion extending to 2030
  • Chevron posted Q4 2025 profits of $2.8 billion, increased its quarterly dividend by 4%, and plans share buybacks ranging from $10 billion to $20 billion in 2026
  • Wall Street analysts favor Cheniere and ConocoPhillips most strongly, with both stocks receiving nearly unanimous buy recommendations

Investors seeking long-term exposure to the energy sector are closely monitoring four major players heading into 2026. Exxon Mobil, ConocoPhillips, Cheniere Energy, and Chevron represent distinct investment approaches within the energy landscape, spanning traditional oil production to natural gas export infrastructure.

Each company brings substantial asset portfolios, reliable cash generation capabilities, and strategic expansion roadmaps. Below is a detailed examination of their recent performance and current Wall Street perspectives.

Exxon Mobil

Exxon stands as a global energy titan with operations spanning upstream oil and gas, downstream refining, and petrochemical manufacturing. This diversified structure provides greater stability compared to companies focused solely on exploration and production.


XOM Stock Card
Exxon Mobil Corporation, XOM

The company delivered annual earnings of $28.8 billion for 2025. Operating cash flow reached $52.0 billion during the same period.

Shareholder distributions totaled $37.2 billion, comprising $17.2 billion in dividend payments and $20.0 billion allocated to stock buybacks.

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Strategic growth remains centered on operations in Guyana and the Permian Basin. The company has simultaneously emphasized structural efficiency improvements designed to maintain profitability during commodity price downturns.

Analyst consensus leans positive. According to MarketBeat data, the stock carries 10 buy ratings, 11 hold ratings, and zero sell recommendations.

ConocoPhillips

ConocoPhillips operates exclusively in upstream exploration and production. This concentrated business model creates more direct correlation between the company’s financial performance and crude oil price fluctuations.


COP Stock Card
ConocoPhillips, COP

Full-year 2025 earnings reached $8.0 billion. The company has budgeted approximately $12 billion for capital investments throughout 2026.

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Management is pursuing $1 billion in combined capital and operational cost reductions this year. This efficiency initiative stems partly from integrating Marathon Oil following its recent acquisition.

The company maintains an extensive portfolio of U.S. shale resources while adhering to a disciplined capital allocation framework that prioritizes shareholder returns.

Wall Street sentiment is decidedly favorable. MarketBeat reports 17 buy recommendations, 9 hold ratings, and 1 sell rating.

Cheniere Energy

Cheniere diverges from traditional oil producers by focusing on liquefied natural gas exports. The company represents a distinct value proposition within the broader energy sector.

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For 2026, management has projected consolidated adjusted EBITDA between $6.75 billion and $7.25 billion. Distributable cash flow estimates range from $4.35 billion to $4.85 billion.

The company anticipates achieving record LNG export volumes in 2026 and has authorized a shareholder buyback program surpassing $10 billion through the end of the decade.

In February, Cheniere submitted regulatory filings for a Stage 4 expansion at its Corpus Christi terminal, which would add 24 million tonnes per annum of liquefaction capacity. Approval would significantly enhance the company’s export capabilities.

Cheniere commands the strongest analyst support among these four companies. MarketBeat shows 17 buy ratings, 2 hold ratings, and zero sell recommendations.

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Chevron

Chevron merges large-scale production capabilities with financial strength and a reliable dividend history.

The company reported fourth-quarter 2025 earnings of $2.8 billion, with adjusted earnings of $3.0 billion. Quarterly operating cash flow totaled $10.8 billion.

Adjusted free cash flow for the quarter reached $4.2 billion, while full-year 2025 production volumes hit company records.

Chevron implemented a 4% dividend increase and previously raised its 2026 free cash flow forecast to $12.5 billion. The company’s 2026 share repurchase authorization spans $10 billion to $20 billion.

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Future growth initiatives center on Permian Basin operations and Guyana development, the latter contingent on completing its pending Hess Corporation acquisition.

MarketBeat data reflects 18 buy ratings, 5 hold ratings, and 3 sell ratings, positioning Chevron with a moderate buy consensus.

Investment Takeaways

Each of these four energy companies demonstrated solid operational and financial performance throughout 2025 and enters 2026 with predominantly positive analyst sentiment. Cheniere and ConocoPhillips enjoy the strongest Wall Street endorsements, while Exxon and Chevron appeal to investors seeking more diversified portfolios with reduced volatility. The choice among these stocks ultimately depends on individual investor preferences regarding oil production exposure, natural gas export potential, or integrated energy operations.

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Bitcoin breaks Strategy’s STRC ex-dividend date slump for the first time in six months

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Bitcoin breaks Strategy's STRC ex-dividend date slump for the first time in six months

Strategy’s (MSTR) perpetual preferred stock, STRC, is now one week past its April 15 ex-dividend date. With bitcoin now at $79,000 this marks the first time in six months that BTC has risen in the week following the payout event.

At the time of the ex-dividend date, bitcoin was around $75,000, highlighting continued strength in BTC despite the typical post dividend adjustment in STRC. STRC over the past few months has served as an aggressive funding instrument for the company’s bitcoin purchases.

Like most dividend paying securities, STRC declines on its ex-dividend date by approximately the value of the payout, since new buyers are no longer entitled to receive it.

Following that drop, the shares tend to recover gradually, often taking about two weeks to move back toward their $100 par value. STRC is currently trading at $99.47.

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This recovery is important because once the stock returns to par, Strategy the largest publicly traded company holding bitcoin, can utilize its at the market (ATM) program, issuing new shares at and use the proceeds to buy additional bitcoin.

Strategy shares are more than 9% higher on Wednesday at $178 at the time of writing, with the company likely tapping its common stock ATM program to fund additional bitcoin purchases.

Strategy disclosed the third largest bitcoin purchase ever of 34,164 BTC, while the price initially stayed within its $75,000 range.

However, the bitcoin rally appears driven in part by positioning. Perpetual futures funding rates remain negative, meaning short sellers are paying long positions to hold their trades, a signal that bearish sentiment still dominates.

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As prices rise in that environment, shorts are forced to close positions, creating a short squeeze that accelerates gains.

At the same time, a persistent Coinbase premium, where bitcoin trades slightly higher on the U.S. exchange than offshore platforms, points to steady spot demand.

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SUI Crypto DeFi Protocol Volo Exploited as Team Commits to Absorbing User Losses

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🔒

Volo Protocol, a liquid staking platform on Sui crypto, was exploited on April 22, 2026, for approximately $3.5 million across its WBTC, XAUm, and USDC vaults, the protocol’s first material security breach in its 18-month history.

The team has pledged to absorb the losses in full, and roughly $28 million in TVL across unaffected vaults remains secure after a rapid vault freeze contained the breach.

The core question this raises isn’t whether Volo failed; it did. The question is whether this represents a Volo-specific implementation flaw or a structural signal about risk in Sui’s rapidly scaling DeFi ecosystem, which crossed $1.2 billion in chain-wide TVL just before this incident.

Key Takeaways
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  • Exploit scale: $3.5 million drained from Volo Protocol’s WBTC, XAUm, and USDC vaults on April 22, 2026
  • Protocol context: Volo is a Sui-based liquid staking platform with ~$31.5 million total TVL prior to the incident; ~$28 million in unaffected vaults confirmed secure
  • Team response: Volo team pledged to absorb all user losses; vaults frozen within hours of detection to prevent further exposure
  • On-chain trace: Approximately $500,000 of stolen funds traced on-chain; Volo working with on-chain investigators and the Sui Foundation on recovery
  • Ecosystem impact: SuiLend confirmed all deposits, lending, and withdrawals operate normally; no cross-protocol contagion confirmed
  • Watch item: Volo’s forthcoming post-mortem report identifying root cause – classified as a Sui network security vulnerability – and the timeline for compensation mechanism disclosure

Discover: The best crypto to diversify your portfolio with

How the Volo Exploit Unfolded, and What It Exposed on Sui Crypto

The failure classification matters before the sequence: Volo’s team has described the root cause as a vault-specific vulnerability rather than a protocol-wide architectural flaw, which is why $28 million in adjacent vaults remained untouched.

That’s not a minor footnote; it determines whether this is a bounded implementation error or a systemic exposure across similar platforms.

The three compromised vaults, WBTC, XAUm, and USDC, were drained for a combined $3.5 million. The attack vector has not yet been made fully public pending investigation, and the team has not confirmed whether the flaw involved smart contract logic, oracle manipulation, or another mechanism.

Volo’s post-mortem will attribute the root cause to a Sui network security vulnerability, though the specifics remain unverified until that report publishes.

The response timeline is the clearest positive signal available: Volo detected the breach, froze all vaults, and alerted ecosystem partners within hours, limiting exposure to the three affected pools.

On-chain investigators, including ZachXBT, identified approximately $500,000 in traced funds moving to the attacker’s wallet addresses shortly after the breach. The Sui Foundation has been looped in for recovery coordination.

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The structural lesson here echoes a pattern visible across recent DeFi exploit incidents: vault-specific architecture, while designed to isolate risk, can create concentrated exposure points that bypass broader protocol safeguards. Whether that isolation worked in Volo’s favor, containing damage to $3.5 million rather than the full $31.5 million TVL, is one of the few unambiguous positives in this incident.

Discover: The best pre-launch token sales

The post SUI Crypto DeFi Protocol Volo Exploited as Team Commits to Absorbing User Losses appeared first on Cryptonews.

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Polymarket and Kalshi Are Both Set to Launch Perp Trading

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the-defiant

Polymarket announced early access for perpetual futures trading, while The Information reported that Kalshi is planning a similar product launch.

The two largest prediction market platforms by trading volume are both moving into perpetual futures trading, per reports arriving within hours of each other on Tuesday, April 21.

Polymarket’s move is official. The on-chain prediction marketplace posted on X Tuesday evening: “Perps are coming to Polymarket.” The platform is accepting early access sign-ups for the product, which will allow traders to take leveraged long or short positions on assets including BTC, stocks, and gold without a fixed expiration date.

Separately, The Information reported on Tuesday morning that Kalshi plans to launch crypto trading, beginning with perpetual futures, citing people familiar with the matter.

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According to the report, Kalshi will start with crypto perps and may expand to perps tied to other asset classes over time.

Perp trading has exploded in popularity over the past year, notably on decentralized platforms, mostly led by Hyperliquid. But centralized platforms, led by Binance, still dominate in terms of volumes and open interest, per CoinGecko data.

the-defiant
Monthly perp DEX combined volume and OI. Source: DefiLlama

Commodity Futures Trading Commission Chairman Michael Selig said last month that the agency plans to allow regulated perpetual futures in the United States, to attract trading volume back from offshore platforms.

The Information’s report notes that Kalshi recently secured a CFTC margin trading license, positioning it to offer the product.

The move would put both Polymarket and Kalshi in more direct competition with both centralized and on-chain exchange platforms, several of which, like Coinbase, have begun adding prediction markets.

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Combined monthly trading volumes on Kalshi and Polymarket last month reached over $23 billion, an all-time high. Since the start of this year, both platforms have consistently seen near or over $2 billion in trades each week, per Token Terminal data.

Regulatory Questions

The launches come amid rapid regulatory change for the sector. The CFTC launched a sweeping review of prediction markets in March, after Chair Selig clarified that the agency thinks such platforms should be regulated federally, not by each state. At the same time, both platforms continue to face state-level legal pressure, as gambling is a state-regulated activity in the U.S. and multiple states have alleged that the platforms need gambling regulator licenses to operate in the state.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

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Lazarus Group Malware Targets Crypto, Business Execs via macOS

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Lazarus Group Malware Targets Crypto, Business Execs via macOS

Security researchers have linked a new macOS malware campaign to the Lazarus Group, the North Korea-linked hacking operation behind some of the crypto industry’s biggest thefts.

Flagged on Tuesday, the new “Mach-O Man” malware kit is distributed via “ClickFix” social engineering schemes across traditional businesses and crypto companies, according to Mauro Eldritch, offensive security expert and founder of threat intelligence company BCA Ltd.

Victims are lured into a fake Zoom or Google Meet call where they are prompted to execute commands that download the malware in the background, allowing attackers to bypass traditional controls without detection to gain access to credentials and corporate systems, the security researcher said in a Tuesday report.

Researchers said the campaign can lead to account takeovers, unauthorized infrastructure access, financial losses and the exposure of critical data, underscoring how Lazarus continues to expand its targeting beyond crypto-native companies.

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The Lazarus Group is the main suspect in some of the largest-ever cryptocurrency hacks, including the $1.4 billion hack of Bybit exchange in 2025, the industry’s largest so far. 

Fake Mach-O Man Kit apps. Source: ANY.RUN

“Mach-o Man” kit seeks to implement hidden stealer malware

The final stage of the campaign is a stealer designed to extract browser extension data, stored browser credentials, cookies, macOS Keychain entries and other sensitive information from infected devices.

Final staging director for Stealer malware. Source: Any.run

After collection, the data is archived into a zip file and exfiltrated through Telegram to the attackers. Finally, the malware’s self-deletion script removes the entire kit using the system’s rm command, which bypasses user confirmation and permissions when removing files.

The novel malware kit was reconstructed by the security expert through cloud-based malware sandbox Any.run’s macOS analysis capabilities.

Related: CZ sounds alarm as ‘SEAL’ team uncovers 60 fake IT workers linked to North Korea

Earlier in April, North Korean hackers used AI-enabled social engineering schemes to steal about $100,000 worth of funds from crypto wallet Zerion, after gaining access to some team members’ logged-in sessions, credentials and the company’s private keys, Cointelegraph reported on April 15. 

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Magazine: 53 DeFi projects infiltrated, 50M NEO tokens could be ‘given back’: Asia Express